High Hopes
Hop into a time machine, journey to 1999. Much seems familiar. Technology companies are booming, discount brokers attract millions of new customers, and children teach their grandparents about the Internet. Perhaps, some speculate, the Dow Jones Industrial Average will reach 36,000. One thing, however, is quite different: American investors are intrigued by emerging-markets stocks.
The reason for it is their economic prospects. The Asian Tigers of Hong Kong, Singapore, South Korea, and Taiwan have enjoyed remarkable development, to the point where many no longer consider those nations to be emerging. Attention has now turned to their successors: Brazil, Russia, India, China, and South Africa, later to be nicknamed “the BRICS.” Those countries are expected to grow rapidly.
Associated Banc-Corp Accused of Self-Dealing in ERISA Lawsuit
Participants have filed a suit alleging the bank used its retirement plan to promote its investment products.
Reported by
Participants in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan have filed an Employee Retirement Income Security Act (ERISA) lawsuit against Associated Banc-Corp and its retirement plan administrative committee for “applying an imprudent and inappropriate preference for products associated with Associated Bank within the plan, despite their poor performance and lack of traction among fiduciaries of similarly sized plans.”
The plaintiffs also allege that the defendants failed to monitor or control the plan’s recordkeeping expenses, which were paid to Associated Bank’s subsidiary, costing the plan millions of dollars in excessive administrative fees.
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